ICEX steel contract witness 590 tons steel delivery till Dec

ICEX steel long contracts are the only metal (ferrous and non-ferrous) derivative contracts in the Indian commodity derivatives ecosystem, based on the compulsory delivery mode of settlement. (Image Credit: Twitter)

Commodity bourse ICEX Saturday said it has witnessed 590 tonnes of steel delivery in the recently expired contract and expects higher trader participation in the coming months.

According to ICEX, the contract that expired on December 5 witnessed deliveries of 590 tonnes from the exchange-accredited warehouse at Ghaziabad, Uttar Pradesh.

"The ICEX Steel Long contracts have witnessed increased participation within a short period of time since its launch, on account of the continued volatility seen in the steel spot prices," ICEX Managing Director and CEO Sanjit Prasad said in a statement.

The very high correlation of the ICEX contract prices with the underlying steel long product spot prices that the exchange has witnessed since the launch will encourage increased participation from across the country in the upcoming months, he added.

ICEX steel long contracts are the only metal (ferrous and non-ferrous) derivative contracts in the Indian commodity derivatives ecosystem, based on the compulsory delivery mode of settlement.